TLDR
- Bitmine posted a $3.82 billion net loss for the quarter ended Feb. 28, 2026.
- $3.78 billion of the quarterly loss came from unrealized losses on digital asset holdings.
- Bitmine held 4.87 million ETH on April 12, equal to about 4.04% of total ether supply.
- Quarterly revenue rose to $11.04 million from $1.5 million, led by about $10 million in staking rewards.
- Bitmine had staked 3,334,637 ETH, or about 68% of holdings, with projected annualized revenue of $212 million.
Bitmine Immersion Technologies posted a $3.82 billion quarterly net loss as digital asset values swung widely. The loss came despite higher revenue and a larger ether treasury. Bitmine is now the largest corporate Ethereum treasury, based on its latest disclosure.
Unrealized losses drove the quarter
Bitmine said unrealized losses on digital assets reached $3.78 billion in the quarter. That amount drove most of the reported net loss. A year earlier, the company reported a $1.15 million net loss.
For the six months ended Feb. 28, net loss exceeded $9 billion. In the same period last year, the loss was $2.1 million. The result followed large moves in crypto prices during the period.
These losses were unrealized, not fully tied to asset sales. They reflected changes in the market value of Bitmine’s holdings. That left earnings exposed to price swings in ether and bitcoin.
Ether treasury kept expanding
As of April 12, Bitmine held 4.87 million ETH, worth about $10.7 billion. The company said that equals about 4.04% of total ether supply. Bitmine has said it wants to control 5% of the supply.
Its average purchase price was $2,206 per ETH. The treasury is the largest known corporate ether holding. It trails only Strategy among corporate crypto treasuries.
Chairman Tom Lee said the company kept buying during the pullback. He said, “Bitmine has been buying Ethereum, as we view this pullback as attractive.” Lee also said ether could be near the end of a “mini crypto winter.”
Revenue rose with staking
Quarterly revenue rose to $11.04 million from $1.5 million a year earlier. About $10 million came from ETH staking rewards. Leasing, consulting, and self-mining produced the rest.
Bitmine said it had staked 3,334,637 ETH as of April 12. That represented about 68% of its holdings. Lee said the staking book could produce $212 million in annualized revenue.
That estimate used a 2.89% seven-day staking yield. Bitmine also held $719 million in cash and 198 bitcoin. It also held stakes in Beast Industries and Eightco Holdings.
Last week, Bitmine moved its shares to the New York Stock Exchange from NYSE American. Shares closed down 0.14% at $21.48 on Tuesday. Ether traded at $2,322 late Tuesday, below last August’s $4,946 record.
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